Nike is swooshing into a huge, 70,000 square-foot store at 650 Fifth Ave. on the southwest corner of West 52 Street — across from Cartier and Olympic Tower.

The deal is valued at $700 million over its 15-year term and includes additional options, sources said.

The lease was approved and signed late Tuesday with SL Green Realty Corp. and Jeff Sutton, who control the retail base of the 36-story office building that is operated under a federal trustee.

Nike was represented by Joanne Podell of Cushman & Wakefield.

The new superstore will include the lower level along with the first six floors of the building.

To get to yes with Nike, Sutton and SL Green bought out the two remaining tenants and added the fourth to sixth floors to their original holdings through an additional lease that had to be approved by the building’s trustee and the federal government.

The Commercial Observer reported two current tenants, Godiva and Devon & Blake, were bought out of their leases in order to give the athletic sportswear giant a full, 100 feet of frontage along Fifth Avenue.

Nike has another large flagship a few blocks north at 6 E. 57 St. in a building controlled by President-elect Donald Trump that is adjacent to the rear of Trump Tower. The company previously picked up an option to remain there until 2022.

The retailer also just opened a newly built 55,000-square-foot store at 529 Broadway in a building partially owned by Sutton that paved the way for this deal.

Developed when Iran was governed by the former Shah, 650 Fifth became subject to forfeiture to the US government under the original embargo.

To unlock the value and provide funds to maintain the building, Sutton and SL Green were granted a 49-year lease that runs through 2062. The deal for 33,000 square feet originally included the lower level and the first three floors. The group then bought out tenant Juicy Couture for $51 million.

Because it was slow to respond to availabilities in the past, Nike lost other prime spaces — including at the former FAO Schwarz space at 767 Fifth Ave. where rival Under Armour recently leased.